Strong factory output growth recorded in China
Beijing, May 17, 2021: The first economy to recover from the global slump induced by the pandemic, China showed record output growth for April this year according to official data figures.
Factory output has recovered favorably in the worlds second largest economy where the coronavirus first appeared and which was in strict virus lock-downs during early 2020. The swift economic recovery is lead mainly by online retail demand and factory activity with firms in China producing an array of consumer goods from protective gear to electronics and various other goods desired by consumers across the globe who are still stuck at home and are ordering online.
The country experienced an industrial output growth of 9.8% compared to the same time last year, which is in line with expectations and forecasts. According to the National Bureau of Statistics, demand for production continued to grow and the economy is continuing to stabilize on its path to development. At the same time it warned of the uneven recovery in the world’s economies and said that the situation from the pandemic is still complicated.
The NBS said the retail sales growth rate of 17.7% is below expectations while the unemployment rate fell to 5.1%. Demand for Chinese consumer goods have recently picked up thanks to the successful vaccine roll out in key consumer market, the US and lock-downs have eased globally. The fact that the current economic figures appear strong only compared to last year’s weak comparison base is not discouraging since they do show recovery after the virus outbreak with a broad rebound.
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